Buenos Aires offers some of the best Real Estate offers of the world

Based on the articles of UK Times and Sunday Times.

Argentinean capital is a beguiling city of broad avenues and well-maintained parks, where the quality of life is good and the cost of living is low. In the middle of a summer with temperatures reaching average highs of 24C-29C (75-85F), Buenos Aires has reclaimed once more its title as South America’s most cosmopolitan city, attracting visitors from all around the world with record figures.

For those looking for properties for sale in Buenos Aires offers are incredibly cheap compared with capital cities of similar sophistication elsewhere in the world, being possible to buy a flat in downtown Buenos Aires at a fraction of the cost in London.

One of the hottest property spots in the city is Puerto Madero, the former docks east of the central square. Even giant cranes still loom on one of the banks of the River Plate, the boom for properties for sale in Puerto Madero turned old red-brick warehouses into luxury residences, smart shops and stylish restaurants.

South from there, San Telmo neighborhood is home to many of the city’s tango salons and the old artisans’ quarter. Taking part as well of the tendence for new Real Estate developments, its colonial buildings are being renewed to modern loft apartments buildings. Jane Green, 38, an interior designer, and her Dutch husband, Klaus van de Meyer, 40, who is in the oil business, took advantage of one of these investment oportunities and bought a flat during a stay in the city. “We found a dilapidated loft about a year ago for £30,000 and spent a bit doing it up,” says Green. “It’s now worth £55,000. We rent it to young Europeans, who flock here to set up businesses or just to have fun. The cost of living is so low.”

The deal for those looking for investment oportunities in Buenos Aires is the profitability of apartments rental to foreing visitors, in advantage of the tourist boom that made UK Times crown Buenos Aires as the “Year’s Hotspot” (See full article).

On what are consider as upmarket areas there is Palermo, north of the centre, where the city’s famous Palermo Woods, polo ground and racecourse are located. It is divided into Palermo Chico (expensive), Palermo Viejo (moderate) and Palermo Soho (up and coming), where prices for a duplex flat start at about €250,000.

For those who come planning to settle, the city is suitable to please their every fantasy. Two years ago, James de Molyneux, an American property developer, and his boyfriend, Rex Crawford, bought the top two floors of an art nouveau building in Caballito, a district he describes as “middle-class”. The flat, on Rivadavia Avenue, needed extensive renovation. “We now have 7,000sq ft with three dining rooms, a three-bed suite on the roof terrace, a winter garden and a Louis Philippe salon,” says de Molyneux. “There are parquet floors throughout and we have two resident butlers.” The flat is now worth about €300,000. As all property deals for Real Estate in Buenos Aires are closed in US dollars, Euros and Sterling’s current strength are another incentive to buy. Plus, a flexible legal context allows foreigns in an accesible adquiring process to buy without inconvenients.Far from the memories of the crisis and the riots, Buenos Aires watches high from its new skycrapers the cosmopolitan color in the walk of the new residents.

Sources:

www.timesonline.co.uk/ "Argentina, this year's hotspot" January 13,2007

www.sunday-times.co.uk "Argentina’s ready to Tango" January 14, 2007